|19 January, 2020

UAE stocks gain $1bln on rising confidence in banking, property blue chips

Abu Dhabi Securities Exchange, ADX, General Index maintained strong performance, closing up at 5,174 points

A woman is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

A woman is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

REUTERS/Christopher Pike

ABU DHABI - The UAE stock markets rallied Sunday, driven by banking and property blue chips that kept sentiments high on the week's maiden trading, with the country's two main bourses booking AED3.8 bn in gains by the end of today's session.

Abu Dhabi Securities Exchange, ADX, General Index maintained strong performance, closing up at 5,174 points, with Dubai Financial Market, DFM, likewise ending up 1.23 pc at 2,863 points.

Emaar continued its upward streak, spiking to AED4.23, with Dubai Investments PJSC being among the best performers, closing at AED1.37; Aldar Properties up to AED2.25, followed by Arabtec's share at AED1.24

More momentum has been generated by the banking sector where FAB jumped to AED15.58, with Emirates NBD following suit up to AED13.90 after impressive trading of AED166 million. ADIB likewise closed high at AED5.63 following AED 40 million in trading.

A total of 2979 transactions worth AED420 million were conducted today over 171 million shares.

© Copyright Emirates News Agency (WAM) 2020.

More From Equities